Bloomingdale’s Store to Open in Kuwait in 2017

January 20, 2016 08:00 AM Eastern Time

CINCINNATI--(EON: Enhanced Online News)--Macy’s, Inc. (NYSE:M) today announced that a Bloomingdale’s store is
planned to open in spring 2017 in Kuwait as part of a strategic
partnership with Al Tayer Group LLC, a leading UAE-based company with
diversified business. This will be Bloomingdale’s second international
location (the first opened in Dubai in 2010) and ahead of Macy’s and
Bloomingdale’s stores scheduled to open in Abu Dhabi in 2018 – all in
partnership with Al Tayer.

“Having launched the first international Bloomingdale’s store in Dubai
almost six years ago, we are delighted to further extend our successful
partnership with Macy’s Inc. with the launch of this new location in
Kuwait. The 360 Mall in Kuwait provides us with the perfect location for
this landmark introduction”

The 93,000-square-foot Bloomingdale’s store on three levels will be
constructed to anchor 360 Mall in Al Zahra, one of the most upscale and
successful commercial and residential areas of Kuwait. It will offer
contemporary and designer women’s fashions, handbags, footwear and
beauty products, as well as a restaurant and personalized shopping and
concierge services. Construction begins in February 2016.

The store will offer an edited merchandise assortment, ambience and
customer service similar to Bloomingdale’s shopping experience in the
United States, while also being responsive to local preferences and
customers. The store will be managed and operated by Al Tayer Insignia,
a company of Al Tayer Group, under a license agreement with Macy’s, Inc.
360 Mall was developed and is owned by Tamdeen Group.

“Bloomingdale’s in Kuwait is another step forward in our strategy for
capitalizing on the international potential of Macy’s and
Bloomingdale’s, both of which are well-known retail brands around the
world,” said Terry J. Lundgren, chairman and chief executive officer of
Macy’s, Inc. “We are continuing to learn how best to translate these
outstanding brands for our international customers, and we expect the
new store in Kuwait to build on Bloomingdale’s experience and success in
Dubai.”

“Kuwait is one of the world’s most sophisticated and upscale fashion
markets, and Bloomingdale’s is excited to serve new and existing
customers from Kuwait. We believe we will bring a new dimension in
fashion and style for which Bloomingdale’s is known worldwide,” said
Tony Spring, Bloomingdale’s chairman and chief executive officer. “This
project also represents our latest step forward in an outstanding
relationship with Al Tayer Group, which shares our dedication to quality
and service. Together, we have made Bloomingdale’s Dubai location one of
our most productive stores. We have similar high expectations for
Kuwait.”

“Having launched the first international Bloomingdale’s store in Dubai
almost six years ago, we are delighted to further extend our successful
partnership with Macy’s Inc. with the launch of this new location in
Kuwait. The 360 Mall in Kuwait provides us with the perfect location for
this landmark introduction,” said Khalid Al Tayer, CEO - Retail, Al
Tayer Group. “We will bring a proposition that is uniquely tailored to
the needs of the market, with concepts and innovations that we are
certain will delight the customers in Kuwait.”

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one
of the nation’s premier retailers, with fiscal 2014 sales of $28.015
billion. The company operates about 900 stores in 45 states, the
District of Columbia, Guam and Puerto Rico under the names of Macy’s,
Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury,
as well as the macys.com, bloomingdales.com and bluemercury.com
websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC
under a license agreement.

All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are
based upon the current beliefs and expectations of Macy’s management and
are subject to significant risks and uncertainties. Actual results could
differ materially from those expressed in or implied by the
forward-looking statements contained in this release because of a
variety of factors, including conditions to, or changes in the timing
of, proposed transactions, prevailing interest rates and non-recurring
charges, competitive pressures from specialty stores, general
merchandise stores, off-price and discount stores, manufacturers’
outlets, the Internet, mail-order catalogs and television shopping and
general consumer spending levels, including the impact of the
availability and level of consumer debt, the effect of weather and other
factors identified in documents filed by the company with the Securities
and Exchange Commission.

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